Some argue that the current U.S. income tax code is overly complicated and unfair, restrains economic growth, and is in need of reform. One option for tax reform would be to tax consumption instead of income, which would represent a fundamental change in how taxes are collected in the United States. In the 118th Congress, H.R. 25 would replace the current federal income, payroll, and estate and gift tax systems with a national retail sales tax, often referred to as a “fair tax.”
Source Congressional Research Service
See also What is the FairTax?
Latest Posts in "United States"
- US Sales Tax Holidays 2026: Dates, States, and Eligible Purchases Explained
- Sales Tax Vendor Discounts by State: Save Money for Early or On-Time Payments
- US Sales Tax Compliance: Essential Guide for Marketplace Facilitators and Remote Sellers
- After US Supreme Court Ruling: New Tariffs, Exemptions, and US-EU Trade Reactions
- Supreme Court Strikes Down US Emergency Tariffs: Refunds Possible for Affected Companies?
